Jaded Corporation has the following account balances for the year-ended December 31, 2024. In addition, the 12/31/23 balances for Accounts Receivable and Inventory are $45,000 and $95,000, respectively. dr Accounts Receivable Inventory Purchases Freight-In Purchases Discount Purchases Returns Purchase Allowances Sales Revenue Interest Revenue Sales Returns & Allowances Sales Discounts Selling Expenses General & Administrative Exp Other Operating Expenses Freight-Out Interest Expense Loss on Sale of Truck What is the cost of goods sold for the period? OA. $547,000 OB. $572,000 OC. $555.000 OD. $552,000 32,000 20,000 480,000 5,000 $8,000 50,000 10,000 15,000 30,000 9,000 2,000 5,000 cr $4,000 3,000 1,000 1,850,000 1,000
Jaded Corporation has the following account balances for the year-ended December 31, 2024. In addition, the 12/31/23 balances for Accounts Receivable and Inventory are $45,000 and $95,000, respectively. dr Accounts Receivable Inventory Purchases Freight-In Purchases Discount Purchases Returns Purchase Allowances Sales Revenue Interest Revenue Sales Returns & Allowances Sales Discounts Selling Expenses General & Administrative Exp Other Operating Expenses Freight-Out Interest Expense Loss on Sale of Truck What is the cost of goods sold for the period? OA. $547,000 OB. $572,000 OC. $555.000 OD. $552,000 32,000 20,000 480,000 5,000 $8,000 50,000 10,000 15,000 30,000 9,000 2,000 5,000 cr $4,000 3,000 1,000 1,850,000 1,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
Please do not give solution in image format thanku
Transcribed Image Text:Jaded Corporation has the following account balances for the year-ended December 31, 2024.
←
In addition, the 12/31/23 balances for Accounts Receivable and Inventory are $45,000 and $95,000, respectively.
dr
Accounts Receivable
Inventory
Purchases
Freight-In
Purchases Discount
Purchases Returns
Purchase Allowances
Sales Revenue
Interest Revenue
Sales Returns & Allowances
Sales Discounts
32,000
20,000
480,000
5,000
OA. $547,000
B. $572,000
C. $555.000
OD. $552,000
$8,000
50,000
10,000
15,000
30,000
Selling Expenses
General & Administrative Exp
Other Operating Expenses
Freight-Out
Interest Expense
Loss on Sale of Truck
What is the cost of goods sold for the period?
9,000
2,000
5,000
cr
$ 4,000
3,000
1,000
1,850,000
1,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education